Chennai growing Sky High…
In 1959, Chennai took to the skies with their 15-storied LIC building becoming the tallest building in India. Two years later, the Usha Kiran building rose to 80 meters to wrestle that title away. Now that the Chennai Metropolitan Development Authority (CMDA) has done away with the decades old 60-meter height restriction, the growth spurt among buildings will once again touch the clouds.
Places in South Chennai, like the Old Mahabalipuram Road, Egattur, Perumbakkam and the East Coast Road are getting a major skyline makeover. As of now, the realty portal Commonfloor.com touts the total number of completed skyscrapers at 96 and the ongoing and upcoming ones at 148, which should see fruition in three to four years.
Speaking about the drastic increase in skyscrapers, Wilson Mathews, director, Sales & Marketing, True Value Homes, says that the preference for villas and multi-storeyed apartments are at an all-time low as the city’s elite lean towards skyscrapers.
“We were prompted to build skyscrapers because of the challenge in getting high quality land parcels. Our target customers have travelled around the world and we felt we could provide them with amenities comparable with those abroad. Our buildings come with fabulous views of the city and offer customers large spaces without the dust and noise of a regular ground-plus-four building,” explains Mathews.
According to R. Kumar, MD, Navin Housing, the lack of prominent skylines in Indian cities is one main reason for them being underdeveloped. He feels that with the rule being relaxed, new structures based on the latest technology and design can now take root. “But there is still a lot of red tape, which makes construction of high rises more ordeal than dream. Since the Moulivakkam incident, approvals have been much harder to get, but the rules are not transparent even for those who want to follow them” says R. Kumar.
While getting the necessary approvals before construction is taxing, the construction in itself takes a lot of time. Typically, the construction of 20-30 floors will be done over a period of 7 to 8 years, which can take a toll on both the consumer’s and developer’s finance. Moreover, taller the building, higher the cost of construction.
“A 7-10 storey building costs Rs. 2,500 per sq. ft to construct while a 14-storey building costs around Rs. 4,000. And buildings over 30 floors with structures entirely concrete or steel, cost more than Rs. 10,000 per sq. ft. So, one can only make such buildings when cost is not a factor. That’s why it’s more a status symbol that practicality now,” says R.V. Shekhar, Chairman, Lancor Holdings.
Arun, MD of Casa Grande, feels that the new rule should have come 10-20 years earlier as that would have drastically reduced the pressure on transportation system and land prices, allowing affordable rates in the CBD.
Chennai Metropolitan Development Authority, CMDA, Egattur, Multi storeyed apartments, Old Mahabalipuram Road, Perumbakkam
